Accounts
Every business whether you've registered or not needs to have its accounts in order. It's just good practice to keep all your work, receipts and accounts in order.
If your business gets to a stage where you can register for VAT (when you turnover more than £83,000 in a 12 month period), then you can claim back VAT payments made for the business. Read more about VAT here.
Your Accounts need to be organised and correct
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Keep proper financial records (Your business bank account is just for business transactions. Your statements will be used for accounts, any future funding you may require and business account projections.
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Keep invoices in alphabetical order chronological order (If you need to locate an invoice it will be easier to find in they are in order. Keep all receipts for the business in order)
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Don't put you bookkeeping off until later (The longer you leave it the harder it gets, stay on top of your accounts and bookkeeping regularly).
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Regularly check your Bank Statements (Doing this will give you an insight into how your business is run to the last penny. Checking your incomings and outgoings will help you tighten your spending belt to increase profits).
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If you struggle to keep your Accounts in order or cannot submit them correctly when due, the higher an Accountant (Sage make it easier to keep your accounts in order and helps with submitting your accounts online).
When your business starts to grow dependant on if you have decided to be a sole trader or limited company you will need to register on the HMRC website.
Your accounts are due at the end of each taxable year, this is dependant
on when you register and if you haven't got to grips with submitting
the information yourself it may be an idea to hire an accountant.
You can have an accountant keep records of your account which can be easily accessed through software such as Sage. Or you can hire an accountant at the end of the taxable year to submit your tax return for a one-off fee.
Prices do vary from each business but roughly your looking at starting prices off £29.50 from the Accountants
at Crunch.